Financial Services
(Trust Company Business (Exemptions)) (Amendment No. 2) (Jersey) Order 2007
Made 13th November 2007
Coming into force 14th
November 2007
THE MINISTER FOR ECONOMIC DEVELOPMENT, in pursuance of Articles 7(2)(a)(ii) and 42 of the Financial
Services (Jersey) Law 1998[1] and on the recommendation of the Jersey Financial Services
Commission, orders as
follows –
1 Schedule to Order amended
In the Financial Services (Trust Company Business (Exemptions))
(Jersey) Order 2000[2], in the Schedule, in
Part 2, for paragraph 14 there shall be substituted the following
paragraphs –
“14 Certain
persons engaged in banking, insurance and other investment businesses
(1) A registered person, when providing a
service specified in Article 2(4) of the Law as part of the business in
respect of which the person is registered.
(2) In sub-paragraph (1), ‘registered
person’ means a person who is registered, authorized, licensed or the
holder of a permit, as the case may be, under –
(a) the Banking
Business (Jersey) Law 1991[3];
(b) the Insurance
Business (Jersey) Law 1996[4]; or
(c) the Financial
Services (Jersey) Law 1998[5],
to carry on activities
that are within the meaning of ‘investment business’, and ‘is
registered’ shall be construed accordingly.
14A Certain
persons in relation to collective investment funds
(1) A company issuing units that is a recognized fund and that is the
holder of a permit under the Collective
Investment Funds (Jersey) Law 1988[6], when carrying on under that permit trust company business in
relation to that fund.
(2) A functionary (other than a company issuing
units within the meaning of the Collective Investment Funds (Jersey) Law 1988)
when carrying on, in relation to a recognized fund, the activities of a
functionary, within the meaning of the Schedule to that Law, under the
functionary’s permit granted under that Law.
(3) A company issuing units that is an
unclassified fund and that is the holder of a permit under the Collective Investment Funds (Jersey)
Law 1988, when carrying on under that permit trust company business in
relation to that fund.
14B Persons
registered to carry on fund services business under the Law
A person who is registered
under the Financial Services (Jersey)
Law 1998 to carry on fund services business, when providing a
service specified in Article 2(4) of the Law as part of the fund services
business in respect of which the person is so registered.”.
2 Citation and commencement
(1) This
Order may be cited as the Financial Services (Trust Company Business
(Exemptions)) (Amendment No. 2) (Jersey) Order 2007.
(2) This
Order shall come into force on the day on which the Financial Services
(Amendment of Law) (No. 2) (Jersey) Regulations 2007[7] come into force.
senator p.f.c. ozouf
Minister for Economic Development